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|Title:||The ownership-performance relationship: agency issues in private family firms||Authors:||VOORDECKERS, Wim
|Issue Date:||2012||Abstract:||Using a cross sectional sample of 2863 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine authorship dispersion proxies with moderating management and family variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in a later generational stage, giving support to predictions put forth by agency cost models in private family firms (Schulze, et al., 2003). Our results also suggest that the zero agency-cost base case as described by Jensen and Meckling (1976) is in fact no zero agency cost case due to ignored agency costs in family firms.||Keywords:||ownership; performance; SME; family firm||Document URI:||http://hdl.handle.net/1942/13833||Category:||R2||Type:||Working Paper|
|Appears in Collections:||Research publications|
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